Cronheim Mortgage Arranges $8M in Financing for Morristown Office Building

NEW JERSEY—Cronheim Mortgage’s Janet Proscia and David Turley worked together to secure an $8 million floating rate debt financing on an 86,182-sq.-ft. office building located at 10 Madison Ave. in Morristown. The borrower was an undisclosed pension fund. The loan was placed with one of Cronheim's banking relationships.

"While New Jersey suburban office has struggled to find its footing in the recovery, we were able to demonstrate why this asset deserved special consideration," said Turley. "Conservative leverage, attractive tenant roster and strong occupancy history helped us justify compelling debt terms."

Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies are located in Chatham, N.J. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.